Kuwait, Saudi Arabia major contributors to Arab fund

Saudi Minister of Finance Ibrahim Al-Assaf said here on Saturday Kuwait and Saudi Arabia contribute USD 500 million each to a fund for supporting small and medium--sized enterprises (SMEs). Speaking to reporters following the opening of the Arab Private Sector Forum, the minister said Saudi Arabia and Kuwait were major contributors to the fund. The minister pointed to contributions worth less than US 400 million from Arab countries. The program of the fund began by giving loans to all Arab countries which have small-sized projects, he said. He hoped that the next version of the Arab economic development summit due here this month would be successful and fruitful. On the agenda of the meeting, he said it included a revised Arab investment agreement purposed to wipe out obstacles impeding inter-Arab investment. It also includes Arab free trade zone, customs agreement and joint ventures involving infrastructure, railway, aviation, roads and electricity as well as food security, the Saudi minister noted. However, he maintained, inter-Arab transportation still poses a problem that requires a swift solution in order to pave the way for boosting trade exchange. The Arab Private Sector Forum began here earlier in the day, attracting 500 figures from Arab public and private sectors.